Did Boeing pay its CEO more than it paid in taxes?

Boeing has been included with 24 other companies that a left-leaning think thank says pay their CEOs more than they paid in federal income taxes.

Boeing says the report, by the Institute for Police Studies, is wrong.

Here’s what the report says about Boeing:

Boeing annually takes in tens of billions of taxpayer dollars in federal government contracts. In 2010, Boeing U.S. pre-tax income spiked 163 percent, to $4.3 billion. An ample reward for that showing went to Boeing CEO Jim McNerney, whose $13.8 million paycheck topped by 6 percent what the company paid Uncle Sam in federal income taxes. Boeing has consistently ranked high among the large companies that pay the least in taxes.

Instead of Boeing’s reported “U.S. federal current tax expense” of $13 million which the IPS used, he said a better approximation of the company’s taxes paid would be the $360 million it reported as its net income tax payments, most of which, he says, was federal.

“On federal cash tax payments last year we paid in the hundreds of millions,” Bickers told Reuters. The company also received a $371 million credit from the government last year for overpayment of taxes in the past, and has added 5,000 U.S. jobs this year Bickers says, in part because of federal tax breaks.

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